The insurance claim process can be intimidating, confusing, overwhelming and seem to be downright unfair for claimants. Some people elect to hire professional insurance claim help from a public insurance adjuster early in the process. Like all professionals, hiring a public claims adjuster costs money that some people would rather save by handling their claim on their own.
Perhaps the adjuster from the insurance company placed a value on your damages that is way lower than what you or your repair company has estimated. Or maybe you just have a gut feeling that your insurance company is short-changing you but you don’t know exactly for what and how for much.
If your claim has been denied or you’ve received what you believe is a low settlement offer then you could have some recourse to obtain a better settlement outcome. In most cases, even after a denial or settlement, recovering a fair and just settlement amount is still a good possibility.
Take a look at a few tips that you should implement if you feel like you’re not being paid a fair and just amount for your property insurance claim.
The Data is Vital
The correct and substantiated data is necessary if you have any hope of overturning a low settlement. Arming yourself with the correct type of concrete damage estimates will force your insurance company to pay. You need to locate at least two reputable general contractors who have experience estimating damaged properties. Request that they bid out and provide you a detailed estimate of the cost to repair your home or business to its pre-loss condition.
These estimates should be done in a software program that is widely accepted in the insurance industry. An experienced public insurance adjuster can also provide these types of damage estimates but will likely charge a cost to produce them. If you can find a public adjuster to provide you a damage estimate for a flat fee that may be a better options since they know the intricacies of the claim process.
As a best practice you should get at least two estimates from two different professionals.
Negotiate
If you want to be successful fighting your insurance company then you need to know your rights and options. The first step is to read your insurance policy. Contact the agent from whom you purchased your policy or request a certified copy from your claim adjuster. The policy will outline what the carrier will cover and what can be negotiated during the insurance claim process.
Did you know that there are many components of an insurance claim that can be negotiated? Building materials, depreciation amounts, and profits are just a few items that are up for negotiations. If your insurance company claim adjuster will not budge, request for his or her boss to review the claim or ask that a new adjuster be assigned. Again, insurance claims are negotiable.
Most people take what the insurance company offers without asking any questions or without negotiating at all. There’s usually a significant difference between what the insurance company claim adjuster offers and what the insurance company should pay you for your damages and based upon the policy you purchased from the company. So do not get discouraged with a low settlement offer, negotiate and arm yourself with the correct information.
Don’t Waive Your Settlement Options
Again, even if you’ve received a low settlement or your claim has been out denied you could still have some recourse. Be vigilant that you don’t sign a settlement release that could prohibit your option to re-open your claim or otherwise waive your settlement rights at a later date. These releases are usually presented by the claim adjuster after the carrier has agreed to pay and before issuing settlement checks. Be careful!
In addition to the tips listed above you should consider consulting with a public claims adjuster if you feel uneasy about your settlement offer or the insurance claim process. Many of these personal or private adjusters offer free consultation services. These professionals are experts with handling insurance claims and know the tricks and strategies of many insurance companies. Public adjusters can be found online but we suggest verifying experience and credentials of any professional sought out on the Internet.
Perhaps the adjuster from the insurance company placed a value on your damages that is way lower than what you or your repair company has estimated. Or maybe you just have a gut feeling that your insurance company is short-changing you but you don’t know exactly for what and how for much.
If your claim has been denied or you’ve received what you believe is a low settlement offer then you could have some recourse to obtain a better settlement outcome. In most cases, even after a denial or settlement, recovering a fair and just settlement amount is still a good possibility.
Take a look at a few tips that you should implement if you feel like you’re not being paid a fair and just amount for your property insurance claim.
The Data is Vital
The correct and substantiated data is necessary if you have any hope of overturning a low settlement. Arming yourself with the correct type of concrete damage estimates will force your insurance company to pay. You need to locate at least two reputable general contractors who have experience estimating damaged properties. Request that they bid out and provide you a detailed estimate of the cost to repair your home or business to its pre-loss condition.
These estimates should be done in a software program that is widely accepted in the insurance industry. An experienced public insurance adjuster can also provide these types of damage estimates but will likely charge a cost to produce them. If you can find a public adjuster to provide you a damage estimate for a flat fee that may be a better options since they know the intricacies of the claim process.
As a best practice you should get at least two estimates from two different professionals.
Negotiate
If you want to be successful fighting your insurance company then you need to know your rights and options. The first step is to read your insurance policy. Contact the agent from whom you purchased your policy or request a certified copy from your claim adjuster. The policy will outline what the carrier will cover and what can be negotiated during the insurance claim process.
Did you know that there are many components of an insurance claim that can be negotiated? Building materials, depreciation amounts, and profits are just a few items that are up for negotiations. If your insurance company claim adjuster will not budge, request for his or her boss to review the claim or ask that a new adjuster be assigned. Again, insurance claims are negotiable.
Most people take what the insurance company offers without asking any questions or without negotiating at all. There’s usually a significant difference between what the insurance company claim adjuster offers and what the insurance company should pay you for your damages and based upon the policy you purchased from the company. So do not get discouraged with a low settlement offer, negotiate and arm yourself with the correct information.
Don’t Waive Your Settlement Options
Again, even if you’ve received a low settlement or your claim has been out denied you could still have some recourse. Be vigilant that you don’t sign a settlement release that could prohibit your option to re-open your claim or otherwise waive your settlement rights at a later date. These releases are usually presented by the claim adjuster after the carrier has agreed to pay and before issuing settlement checks. Be careful!
In addition to the tips listed above you should consider consulting with a public claims adjuster if you feel uneasy about your settlement offer or the insurance claim process. Many of these personal or private adjusters offer free consultation services. These professionals are experts with handling insurance claims and know the tricks and strategies of many insurance companies. Public adjusters can be found online but we suggest verifying experience and credentials of any professional sought out on the Internet.
